Magma HDI Car Insurance FAQs

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Overview

  • 1. How many add-on covers does Magma HDI Car Insurance Company offer?

    Magma HDI Car Insurance Company provides a range of toppings which their customers pick and choose to avail additional coverage for their car insurance policy. These add-on covers provide additional protection thereby ensuring peace of mind. By adding the add-on covers customers can customize their base car insurance policy by paying a minimal extra premium and secure themselves against any cost incurred due to loss or damage to the car. The add-on covers offered by Magma HDI Car Insurance Policy are as under:

    1. Engine Protection
    2. NCB Retention
    3. Zero Depreciation
    4. Roadside Assistance
    5. Invoice Value
    6. Key replacements
    7. Loss of Personal Belongings
    8. Inconvenience Allowance
  • 2. What is the incurred claim ratio of Magma HDI Insurance Company?

    According to IRDA Annual Reports, 2018-2019 reports the incurred claim ratio of Magma HDI Car Insurance Company is 65%.

  • 3. How can I check my Magma HDI Car Insurance Company’s Car Claim status online?

    Customers who wish to check the Magma HDI Car Insurance Company’s Car Claim status online need to kindly visit the Insurance Information Bureau (IIB) website, a portal created by IRDA. Enter the valid required details on the website to know the claim status. This platform has made claim status checks easier.

  • 4. How can I download my Magma HDI Insurance Company’s Car Policy Document Online?

    To download a car policy document online, you need to first login to the website with valid credentials and then you can download your car policy document. Alternatively, you can call the customer support team and get help on the ways to download car policy documents.

  • 5. How long does Magma HDI Insurance Company take to process and settle car insurance claims?

    As per IRDA guidelines and regulations, the insurance company has to settle the car insurance claims within 30 days of receiving all the documents and verification. If any further investigation is required, the claim settlement process should be completed within 6 months starting from the date of filing the claim in writing.

  • 6. Does Magma HDI Insurance Company offer pay-as-you-drive car insurance?

    No, Magma HDI General Insurance Company does not offer a pay-as-you-drive car insurance facility.

Renewal

  • 1. Is it possible to change the nature of the policy on Magma HDI car insurance renewal?

    You can apply for add-on covers upon Magma HDI car insurance renewal.

  • 2. Through which mode can I renew the Magma HDI car insurance policy?

    Policyholders can renew their Magma HDI Car insurance policies via online and offline modes. 

  • 3. Can my NCB benefit be transferred to my renewed Magma HDI car insurance policy?

    Yes, you can transfer your previous NCB benefit to your newly-renewed policy with Magma HDI.

  • 4. Does Magma HDI send a hard copy of the policy document if I buy and renew the policy online?

    A hard copy of the Magma HDI car insurance insurance policy document can be sent to your registered address when you purchase it. Getting the renewed document in a hard copy form from the insurance company.

  • 5. Can I opt for riders while renewing the Magma HDI car insurance Policy?

    If your existing policy is a comprehensive policy or a standalone policy, you are free to choose any add-on cover with it. In addition, you can add riders to your policy document at the time of renewal.

Claim

  • 1. Is a claim possible for consequential damage under the Magma HDI four-wheeler insurance policy?

    No, policyholders cannot claim for any consequential damage under the magma HDI car Insurance policy.

  • 2. What documents are needed for Magma HDI car insurance reimbursement?

    Below are the documents required for Magma HDI car insurance reimbursement.

    • Policy document.
    • Identity proof such as driving licence, passport, aadhaar card, pan card, etc.
    • Address proof like driving licence, passport, aadhaar card, utility bills, etc. 
    • Passport size photographs
    • FIR in case of theft of the vehicle
    • Bills and receipts from the garage
  • 3. What can detailed proof help in settling a Magma HDI car insurance claim?

    Following is the detailed proof that will help in settling a claim.

    • Eyewitness
    • Genuine photographs of the place where the accident occurred
    • Photographs of the insured car showing the extent of the damage.
  • 4. Suppose I lodge a claim after the expiry of the policy date. Will it still be valid under Magma HDI car insurance policy?

    Well, if you have renewed the policy on the expiry date, you are eligible for a claim after the said date. Only when the policy is renewed does the problem arise.

  • 5. What must be done in case of theft to claim Magma HDI car insurance?

    In case of theft, the first thing to be done is to lodge an FIR at the nearest police station. After lodging the FIR, contact your insurance company. After that, inform the RTO. Submit a copy of FIR, car registration copy, and driving licence to claim the insurance. The insurance company will reassure the case and reimburse the claim. 

Policy Download

  • 1. What are the details mentioned in the Magma HDI car insurance policy document?

    Below are the details mentioned in the insurance policy. 

    • Terms and conditions.
    • Process of grievance redressal.
    • Contractual declarations.
    • Inclusions and exclusions of the policy.
    • Premium details.
    • IDV of the insured car.
    • Tenure of the policy.
  • 2. Is it necessary to have a Magma HDI four-wheeler insurance policy?

    If anyone is found without an insurance policy, he/she will be fined INR 2000 or face an imprisonment of 3 months or both. 

  • 3. Does Magma HDI provide a hard copy of the four-wheeler insurance policy?

    Yes, Magma HDI provides a hard copy of the document to their customers after a few days of purchasing the insurance policy. 

  • 4. Can I make alterations to Magma HDI car Insurance Policy?

    Yes, in case of any mistake in the insurance policy, policyholders can make changes by logging on to the website and registering their request. 

  • 5. How to download Magma HDI four-wheeler insurance policy?

    Policyholders can download the Magma HDI four-wheeler insurance policy by visiting the official website of the insurance company. Select the 'self help' option. Enter the required details. The insurance provider will send a copy of the insurance policy to the registered email id.  

Add On Covers

  • 1. Can I transfer the NCB earned from my old policy to Magma HDI and apply for its NCB protection cover

    You can transfer your NCB benefit to Magma HDI on renewal and add that protection cover too.

  • 2. Can I buy zero depreciation Magma HDI car insurance add-on cover for my 10-year-old vehicle?

    The zero depreciation rider is only available for less than five years old cars. 

  • 3. Is it necessary to buy Magma HDI car insurance add-on covers?

    Magma HDI add-on covers increase the coverage of specific areas that are prone to damage. Therefore, it is recommended to buy add-on covers on top of your base policy. 

  • 4. Would I have to pay an extra premium for Magma HDI car insurance add-on covers?

    Add-on covers are available for a minor increase in the premium you pay for your policy. This is because the riders provide increased coverage to the policyholder.

  • 5. I live in a flood-prone area of my state. Should I buy a tyre damage add-on cover of Magma HDI for my car?

    People who live in flood-prone areas do face risks of water-related damages to their cars. A tyre damage cover would be ideal for covering the expected damages due to waterlogging. 

Comprehensive

  • 1. Is Magma HDI comprehensive car insurance costlier than its third-party policy?

    Yes, Magma HDI comprehensive car insurance commands a greater premium than its third-party plan. This is because a comprehensive plan covers both third-party and own damage claims. Whereas a Magma HDI third-party insurance plan will cover only third-party claims. 

  • 2. What documents will I need to claim Magma HDI comprehensive car insurance?

    To claim Magma HDI comprehensive car insurance, policyholders will need to submit the following documents.

    • Copy of driving licence
    • Insurance policy documents
    • A copy of the Police FIR
    • A copy of the Registration Certificate
    • Repair bills and estimates
    • Duly signed claim form
  • 3. How is the coverage amount of Magma HDI comprehensive car insurance calculated?

    Magma HDI determines the insured sum based on the car manufacturer's listed selling price plus the price of accessories after subtracting the age-based depreciation of the vehicle. 

  • 4. Do any exclusions apply to a Magma HDI comprehensive car insurance policy?

    Magma HDI comprehensive car insurance won’t cover mechanical/electrical breakdown of the vehicle, as well as damages incurred when the driver does not have a valid licence at the time of an accident or other mishaps. Depreciation won’t be covered either unless you buy an add-on for it.

Third-Party

  • 1. Why is Magma HDI third-party car insurance needed?

    Magma HDI Third Party Insurance is needed as it provides third-party liability coverage. Also, it is mandatory according to the Indian Motor Vehicles Act. 

  • 2. What documents are required to apply for Magma HDI third-party car insurance Policy?

    The necessary documents required for Magma HDI third-party insurance policy are

    • Photo ID proof
    • Address proof 
    • Photocopy of valid driving licence
    • Registration number of the car
    • Registration certificate
  • 3. Where can I renew my Magma HDI third-party car insurance policy?

    To renew the Magma HDI third-party car insurance policy, policyholders can visit any branch of Magma HDI or visit its official website and apply for renewal.

  • 4. What are the discounts available to Magma HDI third-party car insurance policyholders?

    Magma HDI provides no claim bonus during policy renewal if you don’t claim in a policy year. Discounts would be available even when you install ARAI-approved anti-theft devices in your car. 

  • 5. Does Magma HDI third-party car insurance provide any coverage beyond the geographical area?

    No, Magma HDI does not provide coverage for any mishap outside the predetermined geographical area. 

Zero Depreciation

  • 1. Which depreciable car parts are covered under Magma HDI zero depreciation car insurance cover?

    These car parts are protected under the Magma HDI zero depreciation add-on cover

    • Fiberglass
    • Plastic
    • Nylon
    • Rubber
  • 2. Does Magma HDI zero depreciation car insurance cover ensure the total claim amount?

    No, that is not the case! As deductibles are factored in while calculating the claim amount, zero depreciation cover does not result in the entire claim amount disbursal. Only the depreciation charges are waived by the zero depreciation cover. 

  • 3. What factors decide the Magma HDI car insurance premium amount when opting for its zero depreciation cover?

    When choosing zero depreciation coverage, the below-mentioned criteria determine the rate of increase in the premium amount.

    • Vehicle’s age 
    • Model of the vehicle.
    • Residential area.

    The insurer may inspect before adding zero depreciation cover to your car insurance policy. 

  • 4. Is Magma HDI zero depreciation car insurance cover available beyond the city limits?

    No, the Magma HDI zero depreciation cover will protect the insured car and its owner/driver only within the predetermined geographical area. The insurer won’t be obliged to bear any expenses for the damages caused by/to the insured car outside that zone. 

  • 5. What is the depreciation rate for parts of the car with and without zero depreciation add-on?

    Below is the depreciation rate applicable on car parts with or without Magma HDI zero depreciation cover. 

    Car PartsDepreciation Rate (Without Zero Depreciation)Depreciation rate (With Zero Depreciation)
    Rubber/plastic/nylon parts50%NIL
    Parts made of fibre glass 30%NIL
    Parts made of Glass NILNIL

Own Damage

  • 1. What are the factors that affect Magma HDI standalone car insurance premiums?

    Below are the factors affecting standalone car insurance premiums charged by Magma HDI. 

    • Car cc.
    • Insured declared value.
    • No claim bonus.
    • Make and model of the car
    • Car's age
    • Policy add-ons, if taken by the policyholders
  • 2. Who is eligible to purchase Magma HDI own-damage car insurance policy?

    All vehicle owners can purchase Magma HDI own damage car insurance policy either on a standalone basis or through a comprehensive plan. The comprehensive plan of Magma HDI would be better as it covers third-party liabilities, something that every vehicle owner must have to drive without any legal complications.

  • 3.Does the Magma HDI standalone car insurance policy also include third-party liability cover?

    No, this policy does not include the same.

  • 4. What is covered under Magma HDI standalone own damage car insurance cover?

    A standalone own-damage car insurance plan provides coverage for the following:

    • Accidental damage.
    • Natural disasters.
    • Man-made disasters.
    • Theft.
    • Fire.
  • 5. How is the own damage cover premium under Magma HDI standalone car insurance policy calculated?

    When determining the car insurance premium for a standalone own-damage car insurance policy, three key elements are taken into account. The car's IDV, Its cubic capacity and age. Policyholders can calculate the premium on the official website of Magma HDI.  

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